Economics Exam Past Questions and Answers | JAMB, WAEC and NECO

Economics is the study of how societies allocate limited resources to meet the unlimited needs and wants of individuals. It focuses on the production of goods and services, economic growth, and various complex issues that are important to society.

• Question 561:

  Identify one of the following which can NOT be used to close deflationary gap

  Options:
  A) Increased interest rate
  B) Increased money supply
  C) Increase government expenditure
  D) Reduction in taxes
  Show Answer
  The correct answer is A .
• Question 562:

  The term "Money at call and short notice" in a bank's assets represents the bank's loans to______

  Options:
  A) industry and commerce
  B) overseas central banks
  C) the capital market
  D) the money markets
  Show Answer
  The correct answer is D .
• Question 563: At every point on a indifference curve, the Options:
  A) total utility is decreasing
  B) prices of all goods are constant
  C) consumer is satiated
  D) level of utility is constant
  E) level of utility is increasing
  Show Answer
  The correct answer is D .
• Question 564: A major characteristic of a mixed economy is that Options:
  A) economic decisions are made by both the rich and the poor
  B) both primary and secondary production are undertaken
  C) the federal and the state governments undertaken joint projects
  D) economic activities are undertaken by both the public and private sectors
  Show Answer
  The correct answer is D .
• Question 565:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 566: In order to build up its capital stock, the typical less developed country should ideally Options:
  A) Increase total saving
  B) Depend on hand-out from foreigners
  C) Impose tariff on import
  D) nationalise all foreign concern
  E) None of the above
  Show Answer
  The correct answer is A .
• Question 567: In national income accounting, tax is determined by the Options:
  A) level of income
  B) level of consumption
  C) level of investment
  D) rate of savings
  Show Answer
  The correct answer is A .
• Question 568: If the demand of a product with perfectly elastic supply increases, there will be Options:
  A) An increase in price and quantity offered
  B) An increase in quantity offered but price will remain the same
  C) A reduction in price and quantity offered
  D) An increase in price but a reduction in quantity offered for sale
  E) An increase in quantity offered but a reduction in price
  Show Answer
  The correct answer is B .
• Question 569: If the demand for a good is more elastic than its supply, the tax burden is borne Options:
  A) equally by consumers and producers
  B) more by producers
  C) more by consumers
  D) more by retailers and producers
  Show Answer
  The correct answer is B .
• Question 570:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .